EUR/USD Remains Down, Price 'Looks' to Break $1.0700

<p>&nbsp;The US dollar maintained its strength until the end of the week with concerns still weighing on the market.</p><p><br /></p><p>United States (US) unemployment benefit claims data published in the New York session yesterday showed the reading for the previous week was lower than forecast.</p><p><br /></p><p>This added support to the US dollar following upbeat service sector survey data published on Wednesday.</p><p><br /></p><p>However, despite still maintaining the strengthening, the US dollar's momentum is fading with investors becoming increasingly wary of the risks in trade at the end of the week.</p><p><br /></p><p><br /></p><p><br /></p><p>As shown on the chart of the EUR/USD currency pair, the price dropped to a new low in the New York session yesterday, but the pattern of decline is not very obvious.</p><p><br /></p><p>The 1.07000 zone was tested but prices were seen struggling to break through it with prices rebounding slightly in continued trading in the Asian session this morning (Friday).</p><p><br /></p><p>The Euro currency is expected to continue to face pressure after the updated European economic growth data declined for the second quarter of 2023.</p><p><br /></p><p><br /></p><p>If the price falls lower below the 1.07000 zone, the decline could continue further to the target at 1.06000.</p><p><br /></p><p>This will go on to record the latest record low price for the 6-month trading period.</p><p><br /></p><p>However, if the price breaks through the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, it will signal a change in trend again.</p><p><br /></p><p>The price increase will lead to the level of 1.08000 which is seen as a resistance to be tested again by the price.</p><p><br /></p><p>Next, only last week's concentration zone at 1.08800 and 1.09000 will be targeted to be reached on the rise that continues higher.</p>